If I Lose My Job, What About My House Payment? Even if you lose your job, you are still responsible for a house payment. The first thing you need to do is call the bank right away to see what your options are.
Some banks will try to refinance your loan. This will reduce your payment if there is building equity in your home. Refinancing will also give you additional time to pay your new installments.
The worse thing you can do is sit back and wait for the bank to take action. Never wait until the last minute. Your finance company doesn’t want your home and most of them will not go through a foreclosure if you work with them.
This means that you need to find a job right away to avoid any legal action. Most banks are more receptive to people who lost employment. A foreclosure if a big deal to the a financial institution.
Another option is to rent out your house until you can afford to pay on it again. A lot of people have done this. Either way, don’t wait on it. Talk with your bank about refinancing. In addition, speak with a local realtor to find out if they have anyone looking for a house to rent.
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